Broomfield-based Ball Corp. reported today that its profit climbed 28 percent in the third quarter, crediting higher sales of beverage cans and plastic packaging products.
For the quarter that ended Oct. 1, Ball’s net income totaled $101.5 million, or 97 cents per share, compared with net income of $79.3 million, or 73 cents per share, in the third quarter of 2005.
The most recent results included an after-tax gain of $1.7 million, or 2 cents per share, due to an insurance payment for fire damages at a German manufacturing plant.
The 2005 third-quarter results reflected an after-tax cost of $12.5 million, or 12 cents a share, stemming from debt refinancing and a program to make beverage can end manufacturing processes more efficient.
Third-quarter revenue totaled $1.82 billion, up from $1.58 billion in the previous third quarter.
Analysts polled by Thomson Financial, on average, had forecast earnings of 94 cents per share on revenue of $1.89 billion.
In the first nine months, Ball Corp. reported net income of $278.8 million, or $2.65 a share, compared with $216.9 million, or $1.95 a share, in the first nine months of 2005.
Revenue was $5.03 billion in the first nine months, up from $4.46 billion in the same nine-month period of 2005.
“We are making progress on profit improvement and pricing initiatives that are essential to our achieving acceptable returns,” David Hoover, Ball’s chairman, president and chief executive officer, said in a statement.
The company has forecast free cash flow to be about $250 million for the full year.
Ball’s stock dropped 70 cents, or 1.7 percent, to $40.92 a share in mid-day trading on the New York Stock Exchange.
Ball also owns Ball Aerospace & Technologies Corp.
